Transak, a web3 payments and onboarding platform, has secured $20 million in a Series A round of financing. The round was led by CE Innovation Capital and attracted several prominent web3 investors such as SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Zilliqa Capital, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao.
Transak Aims to Spearhead Web3 Innovation
Transak was founded in 2019 by Sami Start (CEO) and Yeshu Agarwal (CTO) with the vision of enabling web3 developers to onboard users with fiat. The company launched its On-Ramp solution in February 2020, which supports onboarding from over 150 countries to more than 160 cryptocurrencies across a spectrum of 75+ blockchains. Transak is a leading solution for web3 applications in the industry as of May 2023. Some of its prominent clients include MetaMask, Coinbase Wallet, Splinterlands, and AAVE.
Currently, @Transak boasts a team of 70+ spread across offices in 🇮🇳 Bengaluru, 🇺🇸 Miami, & 🇬🇧 London, led by a seasoned leadership team with past experiences in numerous fintech unicorns.
If you are looking to build a career in web3, see our open roles👉 https://t.co/uQqtSrmCKy pic.twitter.com/k4Jzg5X9hH
— Transak (@Transak) May 30, 2023
However, Transak is not satisfied with just providing an On-Ramp solution. The company’s goal is to provide a seamless onboarding experience for web3 users, using web2-like technologies. The company will use the funds raised to expand its global reach and improve its onboarding solutions, especially for web3 gaming and finance applications.
One of the key challenges that the company faces is the ever-changing web3-related compliance landscape. The company is committed to ensuring that web3 initiatives can maintain their focus on innovation and development while Transak navigates the complexities of regional regulatory changes on its behalf.
Transak is registered as a crypto asset firm with UK’s FCA and recognized as a VASP in Poland. The company plans to expand its licensing and operations in key areas, such as the Middle East, Southeast Asia, and Pacific Asia.
Bingze Gu, Partner at CE Innovation Capital, the lead investor of the round, praised Transak’s leadership in Web3 regulation. He added that Transak’s services are not just lowering barriers to Web3 but “redefining them”. Sami Start, co-founder, and CEO of Transak, expressed his gratitude to the investors and partners for their support and trust. He also said that Transak is on a mission to make web3 accessible to everyone.
